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• The ban on coal will be fully effective from the second week of August
The European Union agreed to impose new sanctions on Friday against Russian top banks, Vladimir Putin's daughters and other oligarchs and an import ban on all forms of Russian coal.
The EU banned import of all forms of Russian coal, affecting one fourth of the country’s total coal exports, which amounts to around 8 billion euros loss of revenue per year for Russia, according to the official statement.
The ban on coal will be fully effective from the second week of August and no new contracts can be signed from Friday.
The EU also blacklisted four top banks including Russia’s second-largest bank VTB, which is already sanctioned in the U.S. and the U.K. Other sanctioned banks are Sovkombank, Novikombank and Otkritie.
The EU has blacklisted around 700 people since the start of the war and the fresh measures sanctions additional 217 people including Putin’s two daughters, top businessmen and politicians.
The EU has imposed an additional import ban, worth 5.5 billion euros, on commodities including cement, rubber products, wood, spirits (including vodka), liquor, high-end seafood (including caviar), and an anti-circumvention measure against potash imports from Belarus.
The sanctions also prevent Russian and Belarusian freight road operators to work in the EU.
Picture Credits: Reuters